North East firm Dickinson Dees has promoted only one partner this year compared with two promotions last year and five in 2006.
New private client partner Andrew Playle’s work has to date been split evenly between wealth management for private individuals and trusts advice for corporates and high street banks, including Barclays Trust Company Services.
Playle said: “I’ve been doing a fair amount of corporate trusts work already, but my partnership application was built on developing that business further.”
He has been tasked with attracting more high street banks and leading and growing ;the ;fledgling corporate trusts team of two other fee-earners, but he will continue acting for his existing private clients.
Unusually for large firms in the region, Dickinson Dees’ wealth management team contributed 10-15 per cent of the firm’s £56m turnover last year, and is set to hit a turnover of around £9m this year, said head of private client David Dale.
Commenting on the low number of promotions this year, senior partner Robin Bloom said: “Many of our directors would, in our view, and in their view, be partners elsewhere, but given that all of our partners are equity sharing, there’s certainly a big distinction between us and other firms making up partners.”